The first step in identifying new markets for your business is to understand your product and your customer. Who does your product serve? What problems does it solve? Who uses your product and how is it used? Knowing the answers to these questions is only the beginning of identifying new markets. Uncovering and discovering new markets begins with knowing your business, followed by continuous research.
- Read industry periodicals, study market research, and stay abreast of the business climate. By understanding how the economy will affect your business you can better predict when to enter a new market and when to wait.
- Survey your satisfied customers as well as the prospects who decided not to use your product. Ask for suggestions on how to improve what you offer, your customer service, and what products or services you should considering adding.
- Study competitors. Look for trends. Did your top three competitors recently add a new product or service? Follow them on social media, subscribe to their blog, and pay attention to their marketing, special offers, and other calls to action.
- Join industry groups in person and on LinkedIn. Participate in discussions and be on the lookout industry trends.
Try new products and services on a small sampling. Offer it to your existing customers and seek their feedback. If it is appreciated and profitable, it’s marketable.
Search for problems in the marketplace within your industry. If you find a common problem and you can offer a solution, you have a ready market.
Ask your Team
What are your teams FAQ’s from customers and prospects? What opportunities does your team recognize?
Look for a Fit
If you’ve established a customer base of loyal clients, what else can you offer them to make their job easier? Marketing Multiple Products to a B2 Segment
Expanding your market, finding new audiences to target, and offering additional services are common sense. The late Phil Schrager once shared with me, “Common sense isn’t common, it’s genius.” With a little research, forethought, and common sense you can be a genius in your industry. How have you found new markets and audiences to target?